Heineman said Nebraska has plenty of money available for tax cuts, but it's up to lawmakers to pass them.

“That's what the debate is all about. Are you going to spend it or are you going to give it back?” Heineman said.

The Republican governor repeated his call Monday for measures that would lower income and property taxes.

“That's what we should be focused on -- more tax relief, less government spending,” he said.

Heineman said he would like to put more money in the property tax credit fund, a direct payment to property owners, and roll back agriculture land valuations from 75 percent to 65 percent.

“I'm open to a variety of options. Maybe we even do both,” he said.

While state Sen. Jeremy Nordquist agrees with increasing the property tax credit, he calls for lowering agriculture land valuation, so he's backing a constitutional amendment to let senators adjust property tax rates on residential and commercial property.

“It gives us the tools to address property taxes on a more holistic basis. Right now, agriculture land is the only area that we can lower the valuation percentage on,” Nordquist said.

Several tax-related measures have advanced out of legislative committees, but not yet reached the floor. One would add $25 million a year to Nebraska's property tax credit program. Another would ensure Nebraska's income-tax brackets keep pace with inflation. A third bill to exempt farm machinery and equipment from sales taxes is awaiting final approval.

Economic experts said state leaders need to remember the government should not count on the cash always being there and to make sure there is enough in the bank to get through the not so-good times.

HAPPENING RIGHT NOW .... A MAJOR BATTLE'S BREWING IN THE NEBRASKA LEGISLATURE OVER YOUR TAX DOLLARS AND THE BEST WAY TO SPEND THEM.(governor Dave Heineman: the nebraska legislature has a clear choice.... Lower taxes for all nebraskans or more spending for a few select special interest groups. ) SO WHICH SIDE WILL WIN OUT? IT'S STILL TOO EARLY TO TELL. BUT IN A ONE ON ONE EXCLUSIVE INTERVIEW THE GOVERNOR TELLS NEWSWATCH 7 THERE'S NEVER BEEN A BETTER TIME TO REFORM PROPERTY TAXES. GOOD EVENING..I'M ROB MCCARTNEY. AND I'M BRANDI PETERSEN. LATE LAST WEEK..NEBRASKA LEARNED IT'S EXPECTING TO BRING IN NEARLY A 100-MILLION áMORE DOLLARS THIS YEAR. BECAUSE OF THAT áMORE GROUPS ARE COMING FORWARD..WANTING A PIECE OF THAT FINANCIAL PIE. BUT IT APPEARS THE BIGGEST.. IF NOT THE ONLY.. SLICE..WILL GO TO SOME SORT OF TAX RELIEF. IT'S TONIGHT'S BIG STORY. (Gov. Dave Heineman (R) Nebraska: We're overtaxing them right now, that's why we've got the largest tax reserve in the history of the state.) ONE POINT TWO BILLION DOLLARS... AND COUNTING. GOVERNOR DAVE HEINEMAN SAYS IT PUTS NEBRASKA IN AN ENVIABLE POSITION. (Heineman: That's what the debate is all about, are you going to spend it or are you going to give it back?) WE TOLD YOU HOW MORE GROUPS WANT THE STATE TO SPEND MORE MONEY ON THEM. BUT THEY MAY HAVE AN UPHILL BATTLE. RIGHT NOW..GIVING IT BACK.. IS ON THE GOVERNOR'S MIND.(Heineman: That's what we should be focused on, more tax relief, less government spending.) BUT WHAT KIND OF RELIEF? (Reporter: CAN YOU GIVE US A QUICK PEEK AT YOUR CARDS? HOW FAR ARE YOU WILLING TO GO? WHAT OPTIONS? AND WHAT WON'T YOU COMPROMISE ON? Heineman: I've got five aces here and that says we need property tax relief.) AND IN TWO AREAS: PUTTING MORE MONEY IN THE PROPERTY TAX CREDIT FUND.. A DIRECT PAYMENT TO PROPERTY OWNERS.. AND.. ROLLING BACK áAG LAND VALUATIONS.. FROM 75-TO 65-PERCENT. (Heineman: I'm open to a variety of options, maybe we even do both.) WHILE STATE SENATOR JEREMY NORDQUIST AGREES WITH INCREASING THE PROPERTY TAX CREDIT.. HE CALLS LOWERING áAG LAND VALUATION.. A "TARGETED" APPROACH. SO HE'S BACKING A CONSTITUTIONAL AMENDMENT TO LET SENATORS ADJUST PROPERTY TAX RATES ON RESIDENTIAL AND COMMERCIAL PROPERTY. (Nordquist: Gives us the tools to address property taxes on a more holistic basis. Right now, ag land is the only area that we can lower the valuation percentage on.) THE OTHER FACTOR IN THIS ECONOMIC EQUATION.. YOUR INCOME TAXES. THERE ARE SEVERAL PROPOSALS ON THE LEGISLATIVE TABLE: EXEMPTING SOME SOCIAL SECURITY INCOME ... TYING INCOME TAX BRACKETS.. TO INFLATION.. MORE OPTIONS.. BUT AT LEAST THERE ARE OPTIONS. (Heineman: The time to do it is right now, you only get so many opportunities on) ECONOMIC EXPERTS TOLD US STATE LEADERS NEED TO REMEMBER..GOVERNMENT SHOULD NOT COUNT ON THE CASH ALWAYS BEING THERE. MAKING SURE TO KEEP ENOUGH IN THE BANK.. TO GET THROUGH THE áNOT SO GOOD TIMES.

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